Blockchain and cryptocurrencies are making big headlines in California.
For example, in August 2018, a judge allowed a defendant to pay his $750,000 bail with “Bitcoin or any cryptocurrency.” In April 2018, a 16-year-old girl sold her cryptocurrency tracking app to a state-based investment firm.
Most noteworthy, California legislators have taken notice
As a matter of fact, Assembly Bill 2658 has cleared the Assembly and now heads to Governor Jerry Brown’s desk.
Now, according to the California Legislative Information site:
“This bill, until January 1, 2022, would require the Secretary of the Government Operations Agency to appoint a blockchain working group on or before July 1, 2019. The bill would define blockchain. The bill, on or before July 1, 2020, would require the working group to report to the Legislature on the potential uses, risks, and benefits of the use of blockchain technology by state government and California-based businesses, as specified.”
Once signed into law, the group will research blockchain’s benefits, risks, and legal implications for state governments and the private sector.
Senate Bill 838: Articles of Incorporation
Another blockchain bill would authorize until January 1, 2022, a corporation or a social purpose corporation. If the legislation is signed, SB 838 would allow corporations in California to “issue and transfer stock on a blockchain.”
According to Senator Robert Hertzberg:
“My hope is for California to take a first step in incorporating blockchain technology into our day-to-day lives. Allowing corporations to utilize a more secure technology will increase consumer protection and help prevent cases of fraud. The sunset date for this bill will allow us to study its implementation and make recommendations to incorporate blockchain.”
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